SBI hikes benchmark MCLR rate

SBI, India's largest lender, has raised the MCLR by 5-10 basis points for tenures from one month to three years, effective July 15. Updated rates on SBI's website range from 8.35% for one month to 9% for three years, including 8.40% for three months, 8.75% for six months, 8.85% for one year, and 8.95% for two years. This is the second consecutive hike after June. MCLR, the minimum lending rate since April 1, 2016, primarily affects corporate loans. Retail loans are tied to external benchmarks like the unchanged RBI repo rate since February 2023. One basis point is 0.